Gresham's Law?

[Jon Callas]

On Saturday, October 25, 2003, at 08:29  AM, Russell Nelson wrote:

> I wonder if the DMCA (why do those initials bring to mind a song by
> The Village People?) isn't invoking Gresham's Law?  Gresham's Law says
> "bad money drives out good", but it only applies when there is a legal
> tender law.  Such a law requires that all money be treated equally --
> as legal tender for all debts.  Gresham's Law predicts that people
> will hoard good money and spend bad money, since it's all the same to
> them.
>

This is exactly what I said in my talks and testimony about the DMCA. I 
referred  to Gresham's Law as it applies to security. I also have 
called the DMCA "The Snake-Oil Protection Act."

This is indeed the only case I know of where government has given 
protection and preference to inferior systems over superior ones.

	Jon


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